KSE-100 index loses 274 points amid low volumes

Pakistan Stock Exchange (PSX) slipped on Monday, with the benchmark KSE-100 index losing 274 points, or 0.66 per cent, to close at 41,127.

The index opened higher on Monday and hit the day’s high of 41,552 but then began to lose points, touching the day’s low of 41,062 points towards the close of the trading session. Volumes remained considerably lower during the day’s trading.

Only 94.95 million shares worth Rs5.56 billion were traded in the market, with only 88 of the total of 351 traded symbols advancing, while 240 declined and 23 remained unchanged.

“Concerns for rising public debt and record fiscal deficit, falling banking spreads and uncertainty over fate of GSP [Generalised System of Preferences] plus status amid likely impact on exports played a catalyst role in bearish close,” Ahsan Mehanti of Arif Habib Corporation said, adding “uncertainty over Pakistan’s trade relations amid tensions with US and weak global crude prices” also had a role to pay in the bearish close.

The technology and communications sector dominated the day’s trading with 12.7m shares traded, with commercial banks and textile sectors following with 10.7m and 10.1m shares traded respectively.

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